- Ark Mines (ASX:ARK) posts the latest assay results from an air core drill run at its Sandy Mitchell play in North Queensland
- The company has intersected REEs and heavy minerals “in every metre sampled”
- Air core holes showed that mineralised sands extend from surface to bedrock
- The company has further evidence its REE materials can produce concentrate
- Shares last traded at 13 cents
Dual rare earths (REE) and mineral sands explorer Ark Mines (ASX:AHK) has reported hitting both target minerals in the latest drill run at its Sandy Mitchell play in North Queensland.
The company received assay samples done on materials collected by an air core drill, revealing both REEs and targeted heavy minerals (HM) were present “in every metre sampled”.
Stage one air core holes were sunk to 10.5 metres depth and the Ark noted “all holes show mineralised sand from surface to bedrock”.
REE strategy proof
As for REEs, the company announced it has further evidence it can produce saleable concentrates.
“Combined with recent beneficiation test work by Downer Mineral Technologies on initial exploration samples, which returned high-grade rare earth concentrates (51.9% TREO), latest assay results further validate Ark’s stated development strategy,” the company wrote.
Further, the 147 square kilometre lease has only seen some 1.3sq.km targeted by drilling thus far.
REE grades “per-metre” were averaged at 499 parts per million (ppm) though pockets jumped as high as 3500 ppm.
HM mineralisation reflected similar readings.
JORC resource “later this year”
Assays posted today, as well as those set to follow stage two drilling in the future, will underpin a maiden resource to be published later this year. No timeframe is available yet.
For context: only some 34 per cent of stage one drilling assays have yet been received.
The company does point to a “reasonable statistical picture of the mineralisation” emerging.
“The ongoing consistency of grade gives us an added degree of confidence around Sandy Mitchell’s commercial development potential,” Ark Executive Director Ben Emery said.
“We continue to benefit from the field team’s decision to prioritise completion of the Phase 1 and Phase 2 drill programs by year-end, prior to the northern wet season.”
AHK shares last traded at 13 cents.